Bankers Diary

Bank Account and Registered Property In The Name of Hazrat Usman

Hazrat Usman,Saudi Arabia,Madina,Islamic Banking History,Hazrat Usman Bank Account,Beard Banker

Are you aware that in one of Saudi Arabia’s banks, there is still a current account in the name of caliph Hazrat Usman (RA)? There is a municipality in Madina that has property registered in his name. And to this day, there is a water and electricity bill issued in his name. In the thirteenth year of prophet-hood, when Muslims migrated to Madina, there was a scarcity of drinking water. A Jew had a well called Bair Roma in Madina, from which he did not allow others to drink water. Muslims complained against him to the Prophet, to which the Prophet invoked the Muslims if any one of them could buy the well and give it away for the needs of Muslims so Allah would provide him with a spring in paradise.

Hazrat Usman went to the Jew and asked him the price of the well. The Jew appeared unwilling to sell the entire well, so Hazrat Usman offered to purchase half the well. The Jew thought he would get greater profit in this way, so he sold half the well and he donated it for the cause of Muslims. As days passed, the Muslims only came to the well on Hazrat Usman’s agreed days and stored water for the other days as well. When the Jew saw that no one was buying water for him, he sold the other half of the well to Hazrat Usman as well for 35000 dirhams. A rich man offered to buy the well from Hazrat Usman, but Hazrat Usman said he had a greater offer.

The rich man kept increasing the amount and he kept refusing, until the man asked in a confused voice as to who was willing to pay so much return on the well. To this, Hazrat Usman said that God had promised to reward every act of virtue 10 times over. This well flourished in later times, so much so that a date garden grew around it. By the time al Saud family came to rule, it had 1550 date trees planted inside and was registered as a property in Hazrat Usman’s name.

The Agriculture Ministry kept selling those dates and getting the profit deposited in Hazrat Usman’s account. As time passed, so much money accumulated that a plot in the central area of Madina was purchased on which a residential hotel in the name of Hazrat Usman would be built. An income of 50 million riyals is expected from the earnings of this hotel, half of which will go to his account and half towards the rehabilitation of poor and charity.

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